New York. The price of Petroleum Texas Intermediate (WTI) opened this Friday with a decrease of 1.26% and stood at 93.15 dollars a barrel, taking a breather after yesterday’s rise.
At 09:02 local time New York (13.02 GMT), WTI futures contracts for delivery in September cut 1.19 dollars compared to the close of the previous session, in which they revalued 2.6%.
US benchmark oil begins session down, but is expected to end the week with gains of around 5% on lower recession concerns among investors.
According to analysts, the market is today assessing the opposing prospects for crude oil demand for this year from OPEC, negative, and the International Energy Agency (IEA), positive.
Read more: Texas oil opens 0.20% higher to $103 a barrel
This Thursday, the OPEC estimated that crude oil consumption will grow in 2023, but for this year it revised its forecasts slightly downwards due to geopolitical risks and the pandemic in the second half.
Meanwhile, the IEA has raised its demand growth forecasts for the coming months, which it attributes to a greater use of crude oil compared to gas due to the sharp rise in prices of the latter source.
¨There has been a lot to digest this week, with the nuclear negotiations with Iran underway, the rise in inventories in the US, also the rise in production, the Russian Druzhba pipeline saga and various forecasts, ”said analyst Craig Erlam, of the firm Oanda.
